Smartcard technology security provider Oberthur Technologies has started negotiations to acquire financial services software provider MoreMagic Solutions Inc., the companies announced Feb. 28.
Oberthur entered an exclusive agreement with Waltham, Mass.-based MoreMagic to begin the acquisition process, Oberthur stated in a press release.
Nanterre, France-based Oberthur views the proposed acquisition as a way to boost its mobile funds-transfer services for banked and unbanked consumers and for future Near Field Communication initiatives, the company said.
“The acquisition of MoreMagic is fully in line with our growth strategy, notably in our [software] solutions business and more specifically in the NFC ecosystem,” Xavier Drilhon, Oberthur CEO, stated in the release.
The combination of the two companies’ technology and expertise will provide financial-institution clients full payment and funds-transfer services, including remote payment and mobile banking, the company stated.
Oberthur did not indicate when it might complete the acquisition.